ECONOMY

DEBT

Treasury sells BTP and CCTeu bonds. Subscriptions close at 0900 GMT.

COMPANIES

BANKS

A parliamentary commission set up to investigate recent Italian banking scandals met for the first time on Wednesday, but it will have little opportunity to reach any meaningful conclusions before the legislature ends.

FINCANTIERI

Italian shipbuilder Fincantieri will take effective control of STX France under a shared ownership agreement, the office of French President Emmanuel Macron said on Wednesday, ending a dispute that had soured bilateral ties.

LEONARDO

Italian Prime Minister Paolo Gentiloni said Leonardo will “certainly” be involved in an eventual military shipbuilding deal being developed with France.

TELECOM ITALIA

Telecom Italia (TIM) is set to appoint Amos Genish as its new chief executive, four sources close to the matter said on Wednesday, in a choice seen as French media group Vivendi further stamping its authority over the Italian phone group. (*) The role of French media group Vivendi in TIM was not discussed at a bilateral meeting between the French and Italian governments, Italian Industry minister Carlo Calenda said on Wednesday. (*) The appointment of Genish could be frowned upon by the Italian government but could open the doors to a sanction by Rome and create the grounds for the use of special so-called “golden powers” of the government over the phone company, Corriere della Sera reported. (*) The government is examining a law, along with the national Communications authority, in order to spin-off the fixed line network into a separate company and then create a network infrastructure group with the involvement of the state, il Sole 24 Ore reported, citing indiscretions.

(*) GENERALI

The insurer said on Thursday it would put into run-off the Generali Leben portfolio as of Q1 2018 and that the reorganisation would contribute to a 1.7 percentage point increase in the Group’s economic Solvency.

BANCA CARIGE

The lender said the European Central Bank had authorised its capital strengthening plan.

(*) ITALIAN BANKING SECTOR

Italy is doing well in following a strategy of gradual reduction of banks’ bad loans as a too aggressive approach would result in greater losses for the banks, Executive Director for Italy of the International Monetary Fund Carlo Cottarelli said in an interview with il Sole 24 Ore.

Cottarelli added that with regards to banks Italy has reached a turning point after getting rid of risks in the sector with the rescue of Banca Popolare di Vicenza and Veneto Banca.

FIAT CHRYSLER

North American vehicle production by the unionized Detroit Three automakers will fall behind the combined North American output of Tesla Inc and automakers from Europe and Asia for the first time this year, HIS Markit forecast on Wednesday.

Fiat Chrysler will engage in settlement talks with lawyers representing vehicle owners suing the automaker over excess diesel emissions in Washington on Oct. 12, a court-appointed settlement adviser said Wednesday.

BANCO BPM, CATTOLICA ASSICURAZIONI

Italy’s Cattolica Assicurazioni said on Wednesday it had presented a binding offer for a bancassurance partnership with Banco BPM. (*) Italian insurer Generali has decided not to present a bid, il Sole 24 Ore reported on Thursday. A decision could be taken in the next weeks - on Oct. 17 Banco BPM will hold a board meeting and could decide the partner with which it will starts exclusive negotiations, the report added.

ENEL

Chief Executive Francesco Starace said he hoped to complete the reorganisation of its Chile operations by year-end.

AUTOGRILL

Board meeting on reveues to Aug. 30, 2017.

BANCA CARIGE

Ordinary and extraordinary shareholders’ meetings (0830 GMT).

GIMA TT IPO-GIMA.MI

IPO ends (started on Sept. 18).

PIRELLI

IPO ends (started on Sept. 18).

The Italian tyremaker has lowered the maximum valuation it expects in its initial public offering (IPO) by 19 percent to 6.7 billion euros ($7.9 billion), a notice to investors reviewed by Reuters showed on Wednesday.